Which of the Following Is True for Perfect Competition, Monopolistic

question 173

Multiple Choice

Which of the following is true for perfect competition, monopolistic competition, and monopoly?

• A) The product of all firms is homogeneous.
• B) Firms will earn zero economic profits in the long run.
• C) Short-run profits are maximized when marginal cost equals marginal revenue.
• D) All of these.

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Definitions:

Digital Nature

The intrinsic properties and behaviors of systems and processes that exist or operate primarily in a digital or electronic form.

Online Retailing

The process of selling goods and services through the internet to consumers.

Amazon

An American multinational technology company primarily known for its e-commerce platform, along with cloud computing, digital streaming, and artificial intelligence.

Disintermediation

The removal of intermediaries in a supply chain, allowing for direct transactions between producers and consumers.